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Earnings at State Bank Financial (STBZ) in Atlanta rose 2.2% in the fourth quarter from a year earlier, to $9.3 million.
January 30 -
State Bank Financial (STBZ) in Atlanta has lowered its 2012 earnings to address an accounting error in tied to loans it obtained from failed-bank deals.
March 14 -
Traditional bank M&A in Georgia has been nearly dead in recent years, but Hamilton State Bancshares' deal this week to buy Cherokee Banking suggests that the Peach State may be primed for consolidation.
August 28
State Bank Financial (STBZ) in Atlanta reported higher quarterly earnings tied to loans it obtained from buying failed banks.
The $2.5 billion-asset company said Thursday that its third-quarter earnings rose 26% from a year earlier, to $4.3 million. Earnings per share of 13 cents beat the expectations of analysts polled by Bloomberg by 11 cents.
State Bank's net interest income rose 30% from a year earlier, to $44.4 million, mostly because of higher income from loans covered by the Federal Deposit Insurance Corp. The net interest margin widened to by 129 basis points from a year earlier, to 7.95%, while the loan portfolio was largely unchanged at $1.4 billion.
Noninterest income, excluding a $19 million loss tied to the amortization of the company's FDIC loss-sharing asset, rose by 49% from a year earlier, to $4.5 million.
State Bank's loan-loss provision for loans that are not covered by loss-sharing agreements fell by 18% from a year earlier, to $905,000. The company recorded a $636,000 recovery on covered loans, compared to a $5.4 provision a year earlier.
Noninterest expenses rose by 17% from a year earlier, to $23.1 million, because of rising salary and data-processing costs.
State Bank has bought several failed banks in Georgia since the financial crisis, including Security Bank Corp in Macon, which it bought in 2009.
